But once the second COVID-19 wave in Canada subsided, the pattern of individual insurance claims declined to a level more in line with what was seen in 2019.
Individual insurance claims increased in May 2021 and were greater than in May 2020, perhaps because of certain larger claims amounts, which is consistent with the pattern of excess fatalities in the overall population.
In comparison to the first and second waves, the third and fourth waves showed fewer insurance claims overall. Furthermore, it appears that some greater claim amounts happened in May 2021.
Read more: COVID-19 is showing Canadians the light on life insurance
The fifth wave has an additional high that can be seen in January, which is followed by a lesser peak in April 2022. Due to some late reporting, the seventh wave is not yet reflected in the claims data.
